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ICBC President to Step Down

BEIJING—In the latest reshuffling of key government and corporate posts in China, the country's largest state-owned lender by assets is expected to replace one of its longest-serving top executives in the coming days, according to people with direct knowledge of the matter.

Yang Kaisheng,
64 years old, will retire from his post as president of Industrial & Commercial Bank of China Ltd., while a vice president at the bank,
Yi Huiman,
will succeed him, according to the people.

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The appointment of top executives at China's major state-owned banks, such as ICBC, is mainly decided by the ruling Communist Party. The decision to remove Mr. Yang, who joined ICBC in 1985 and has worked his way up, comes at a challenging time for big Chinese banks as they face slowing profit growth and the potential for a rise in bad loans.

Jiang Jianqing,
ICBC's longtime chairman, will stay at the bank to ensure stability at the bank's top management, the people said. The 60-year-old Mr. Jiang, who built ICBC into China's most profitable state-controlled bank, was the only one of his peers at China's top four lenders to get passed over for promotion amid the recent leadership transition.

ICBC President to Step Down

BEIJING—In the latest reshuffling of key government and corporate posts in China, the country's largest state-owned lender by assets is expected to replace one of its longest-serving top executives in the coming days, according to people with direct knowledge of the matter.